Small business taxes can be stressful and staying tax compliant can feel like a gigantic task. Whether that's changes to the federal tax codes or what you can and cannot deduct, accounting has never been more complicated for small businesses than it is now, especially as we move into 2023. Incfile can help.
When you form a business with Incfile and you choose our Gold or Platinum packages, you can take advantage of a free tax consultation. As part of it, you’ll be able to talk to a business tax expert, ask questions and get the insight and support you need to make filing and paying your taxes a breeze.
The Structure of Your Business and What That Means for Your Taxes
The most common legal small business structure is as a Limited Liability Company, but you might also have formed as an S Corporation, C Corporation or nonprofit. Our tax professionals will discuss your business structure with you and tell you about any specific tax elections or registrations you need to make so you’re taxed properly by the IRS and your state.
The types of taxes that you will need to pay to the IRS and your state’s Department of Revenue.
When you need to pay things like estimated taxes.
The types of forms you and your business will need to file.
Business Expenses You Can Use to Reduce Your Taxes
Most taxes are based on the profits that your business makes. Legitimate expenses reduce your profits, meaning you pay less tax. Many of these expenses are often missed by business owners, meaning you pay more tax than you need to. Your small business tax consultant will talk you through these common business expenses to ensure you’re taking advantage and reducing your tax bill.
Properly categorizing all of your expenses lets you understand what you’re spending money on. This helps you understand the financial health of your business and how to control your costs.
Best Practices for Small Business Bookkeeping
Bookkeeping is the process you will use to track all of the money coming into and going out of your business. Staying on top of your bookkeeping makes it much easier to track your revenue, expenses and profits. Our tax experts will talk about how bookkeeping works, and the type of system you might want to put in place to track and reconcile all of your transactions. This will make it much easier to collect accurate information for preparing, filing and paying your taxes.
Your Questions About Small Business Taxes
Your tax specialist can answer any specific questions you have about your business tax circumstances. You might want to put a list of questions together to ensure you discuss them all during your call.
How to Make the Most of Your Tax Consultation
You’ll want to take maximum advantage of your free tax consultation. We recommend having some information ready before you chat with your tax expert:
Whether this is your first business, how long your business has been in existence and any previous experience you have with running a business or paying taxes
The nature of your small business, the types of products and services you sell and major expenses or costs
The ownership structure of your business and whether you have any other investors, partners or owners
If you’re employed and paid elsewhere, through receiving wages or as an independent contractor
The amount you’ve invested into your business
Whether you’re currently working with an accountant or other tax professional
Taking the Hassle Out of Small Business Bookkeeping and Taxes
After talking with your tax expert, you might decide you want a professional to take care of your business tax affairs. We get it — many business owners say that tracking their bookkeeping, gathering information, filing and paying their taxes is their least favorite responsibility!